GoldenTwine Informatics: Indian Sites > Investment Guide for Indians > Banking
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Banking
Currently, India has 88 scheduled commercial banks (SCBs) - 28 public sector banks (that is with the Government of India holding a stake), 29 private banks (these do not have government stake; they may be publicly listed and traded on stock exchanges) and 31 foreign banks. They have a combined network of over 53,000 branches and 17,000 ATMs. According to a report by ICRA Limited, a rating agency, the public sector banks hold over 75 percent of total assets of the banking industry, with the private and foreign banks holding 18.2% and 6.5% respectively.
Nomination simplifies the procedure for claiming a depositor's money. In the event of an unfortunate death, the Nomination Facility ensures that your savings are handed over to the person of your choice. So ensure that you always nominate your loved ones, invariably.
Loans
One of the reasons for boom in Indian economy is that now a days loans are easily available and the rate of interests at which they are available are very reasonable. Banks are giving loan for and loan against any and every thing. Government too is encouraging people to take loans for certain purposes. For example, government is encouraging people to take housing loans by giving tax concessions.
Loan available for all kinds of needs like marriage, holiday, travel, medicare, etc.
Bank Cards
Banks offer a variety of cards to suit your different transactional needs. The range includes Credit Cards, Debit Cards and Prepaid cards. These cards offer you convenience for your financial transactions like cash withdrawal, shopping and travel. These cards are widely accepted both in India and abroad.
Credit Cards give you the facility of cash, convenience and a range of benefits, anywhere in the world. These benefits range from life time free cards, Insurance benefits, global emergency assistance service, discounts, utility payments, travel discounts and much more.
Credit Cards are extremely convenient and safe while travelling. When used smartly, they offer many benefits like interest-free purchases, cash back, protection to purchases and more. However, continuously paying late can put you in bad-debt situation. So:
- Select credit cards with the lowest interest rates
- Never use them to cover shortfall in income
- Pay your credit card bills on time
- Always remember to read all terms and conditions
Debit Card is a revolutionary form of cash that allows customers to access their bank account around the clock, around the world. The Bank Debit Card can be used for shopping at more than 3.5 lakh merchants in India and 24 million merchants worldwide.
Travel Card is the hassle free way to travel the world. Travelling with US Dollar, Euro, Pound Sterling or Swiss Francs; Looking for security and convenience; take Bank Travel Card. Issued in duplicate. Offers the Pin based security. Has the convenience of usage of Credit or Debit card.
Banks also bring to you a complete bouquet of pre-paid cards providing payment solutions at your fingertips. Pre-paid cards are a safe and convenient way for associate payments, disbursements, gifting and small ticket transactions. Pre-paid cards are available on a VISA platform thus providing accessibility to over 3.5 lakh merchant establishments and cash withdrawal from all VISA ATMs in India.
- Get referrals from your friends on their favourite shopping websites.
- Keep records of all your transactions.
- Keep copies of any eMails you exchange with the supplier.
- Print everything, including product information, delivery details, warranties & confirmation.
- Dispute a purchase if anything goes wrong - remember, you're protected.
- Check the reputation of the online seller.
- Buy only from secure sites. Look out for [lock] sign to know if the website is secure.
- Use an Internet-specific credit card.
- Keep your machine secure with updated anti-virus software.
- Don't use a debit card for online purchases.
- Review your monthly credit card and bank statements.
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